---
title: "Mingming Is Busy: 10k stores are easy, 10k SKUs are hard — can the premium multiple hold?"
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/39668607.md"
description: "GPM tops 10%"
datetime: "2026-04-01T10:23:54.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39668607.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39668607.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39668607.md)
author: "[Dolphin Research](https://longbridge.com/zh-HK/news/dolphin.md)"
---

> 支持的語言: [English](https://longbridge.com/en/topics/39668607.md) | [简体中文](https://longbridge.com/zh-CN/topics/39668607.md)


# Mingming Is Busy: 10k stores are easy, 10k SKUs are hard — can the premium multiple hold?

On the evening of Mar 31 Beijing time, Mingming Busy (1768.HK) reported H2 2025 results. As this is the first annual disclosure since listing, expectations were limited, and in our view the print looks broadly fine. $BUSYMING(01768.HK)

Key takeaways are below:

**1) Revenue slightly beat.** Driven by rapid store openings, H2 revenue reached RMB 38.1bn (+35.5% YoY), modestly ahead of consensus (RMB 36.8bn).That is roughly in line with last year's full-year revenue, underscoring that the company remains in a high-growth phase.

**2) Store count topped 20k.** In H2 2025, net adds were 5,165 stores, accelerating vs. H1, taking the total past 20,000.We believe the combined teams of Zhaoyiming Snacks and Snacks Busy have been integrating more deeply, and as supply chain and ops systems connect, franchisee appeal has improved.Structurally, penetration in lower-tier cities is already high, so new openings skewed to Tier-1 and new Tier-1 cities, with mix up 1.4ppt to 19%.

**3) Same-store decline narrowed HoH.** While the company did not disclose exact figures, channel checks suggest H2 same-store sales fell by low single digits, narrowing from a double-digit decline in H1.On mix of volume and price, dense near-term store clustering likely diluted basket size, which we see as the key drag on same-store performance.

**4) GPM crossed into double digits.** With greater procurement scale, bargaining power over suppliers improved, and the company also lifted the share of private label SKUs in H2.As a result, GPM rose 190bps to 10.2%.

**5) Operating leverage drove margin release.** As competition eased, the company cut defensive promo subsidies and franchise opening incentives, and with larger private-domain membership, reliance on external traffic fell.Selling expense ratio declined 50bps to 3.6%, while G&A ticked up due to one-off IPO-related professional fees.Core OPM reached 5.2% in H2, a new high.

**6) Financial summary:**

**Dolphin Research view:**

On H2 2025 in isolation, we see solid growth quality. Same-store declines narrowed even as new openings accelerated, and more importantly, margin expansion drove better profitability, a key prior concern.Looking ahead, for a high-growth name like this, the core question is growth durability.

On the store rollout, our prior work in [Mingming Busy: From 10k Stores to 10k SKUs — Trap or Treat](https://longbridge.cn/zh-CN/topics/37358746?channel=SH000001&invite-code=7XHHT4&app_id=longbridge&utm_source=longbridge_app_share&locale=zh-CN&share_track_id=f48b5c50-0acf-4c80-97fb-410490046e0e) estimates an optimistic ceiling of 35k stores.Given the current base of ~22k and much tougher rent and site competition in higher-tier cities, with longer lead times from site acquisition to property coordination, store growth is likely to slow from 2026.

For same-store growth, whether for franchisees or brands, the consensus now hinges on the shift from a snack shop to a community discount supermarket.Execution on that transition will be pivotal.

Our latest checks indicate that while full-category discount supermarkets enjoy higher basket size and GPM than bulk-snack formats, the addition of low-turn categories such as home & personal care and staples depresses sales density.From that angle, the model is not yet successful. Expanding beyond snacks is likely a long-term path to lift SSS, but the near-term impact on sales per sqm is uncertain and limited, hinging more on curation and product-mix optimization.

Valuation-wise, after the share pullback, assuming 4,000 net new stores in 2026 per guidance, a low-single-digit SSS recovery, and modest operating leverage, we model 28% profit growth, implying RMB 3.0bn net income at ~23x.Versus our 2026–2029 EPS CAGR of 16%, that still screens rich, and the transition to a full-category discount model remains uncertain.We prefer to wait for the multiple to fall below 15x, implying about HKD 51.7bn market cap, before reconsidering opportunities.

**Detailed earnings read-through:**

**I. Headline: Revenue slightly beat**

Driven by aggressive openings, H2 revenue came in at RMB 38.1bn (+35.5% YoY), slightly above the RMB 36.8bn market view.This roughly matches last year's full-year scale and signals continued high growth.

For the full year, revenue reached RMB 66.2bn (+68% YoY). The trajectory shows deceleration from the 100%+ growth pace of the prior two years.

**II. Store openings accelerated in H2**

Net adds were 5,165 in H2 2025, clearly faster than H1, taking the total past 20k.In our view, the company loosened franchise policies in H2 2025 to sprint ahead of the 2026 listing, and as Zhaoyiming Snacks and Snacks Busy integrated, supply chain and ops connectivity improved, boosting franchise appeal.

Structurally, with high penetration already in lower-tier cities and counties, new openings concentrated in Tier-1 and new Tier-1 cities, lifting the mix by 1.4ppt to 19%.This reflects a classic rural-encircling-urban progression.

**III. Same-store decline narrowed HoH**

Total GMV reached RMB 52.5bn in H2 2025 (+28% YoY). On revenue/GMV, the take rate rose to 72.5%, a new high.We think this reflects a higher mix of customized and private-label items with richer markups, and the pruning of low-turn, low-margin SKUs, alongside improving supplier terms with scale.

While exact SSS data were not disclosed, channel work indicates a low-single-digit decline in H2, narrower than the double-digit drop in H1.Given rapid near-term densification, basket-size pressure likely led the SSS softness.

**IV. GPM reached double digits**

As procurement scale expanded, supplier bargaining power improved, and the share of private-label SKUs increased materially in H2.GPM rose 190bps to 10.2%.

**V. Operating leverage unlocked profitability**

With competition easing, the company reduced defensive promotion subsidies and franchise-opening marketing incentives.Larger private-domain membership also lowered dependence on external traffic, taking the selling expense ratio down 50bps to 3.6%.

G&A rose temporarily on one-off IPO-related professional fees. Core OPM reached 5.2% in H2, a record high.

**Longbridge Dolphin Research on 'Mingming Busy':**

**Deep dives**

Dec 5, 2025: [Mingming Busy: How the 'PDD of Snacks' was built](https://longbridge.cn/zh-CN/topics/36942910?channel=SH000001&invite-code=7XHHT4&app_id=longbridge&utm_source=longbridge_app_share&locale=zh-CN&share_track_id=f5e3c15f-f735-4107-8819-c3a027012c20)

Dec 24, 2025: [Mingming Busy: From '10k Stores' Busy to '10k SKUs' Busy — Trap or Treat](https://longbridge.cn/zh-CN/topics/37358746?channel=SH000001&invite-code=7XHHT4&app_id=longbridge&utm_source=longbridge_app_share&locale=zh-CN&share_track_id=f48b5c50-0acf-4c80-97fb-410490046e0e)

Risk disclosure and statement: [Dolphin Research disclaimer and general disclosure](https://support.longbridge.global/topics/misc/dolphin-disclaimer)

### 相關股票

- [BUSYMING (01768.HK)](https://longbridge.com/zh-HK/quote/01768.HK.md)